ICICI Lombard’s Elevate Health Insurance plan is a comprehensive offering designed to cater to diverse healthcare needs. It stands out for its flexibility, extensive coverage options, and innovative features. Below is a detailed analysis of its advantages and disadvantages to help you make an informed decision.
✅ Pros of ICICI Lombard Elevate Health Insurance
1.
Unlimited Sum Insured Option
Elevate offers an ‘Infinite Sum Insured’ feature, ensuring that policyholders never run out of coverage. This is particularly beneficial in scenarios involving high medical expenses, providing peace of mind during critical health crises.
2.
Comprehensive Add-On Benefits
The plan includes a variety of add-ons such as:
- Power Booster: Provides a 100% cumulative bonus annually, irrespective of claims, for an indefinite period.
- Infinite Assurance: Reduces the waiting period to just 30 days for specific pre-existing conditions like asthma, diabetes, and hypertension.
- Critical Illness Cover: Offers a lump sum payout upon diagnosis of specified critical illnesses.
3.
Extensive Network and Cashless Facilities
With over 10,200 network hospitals across India, Elevate ensures wide accessibility to cashless treatment options, facilitating hassle-free medical care during emergencies.
4.
Global Coverage
The policy extends coverage for hospitalizations abroad up to ₹3 crore on a cashless basis, including planned treatments. This feature is advantageous for individuals who travel internationally.
5.
Wellness and Preventive Care Benefits
Elevate promotes preventive healthcare by offering benefits like annual health check-ups, discounts on fitness programs, and access to online health management tools, encouraging a healthier lifestyle.
❌ Cons of ICICI Lombard Elevate Health Insurance
1.
Lower Claim Settlement Ratio
The claim settlement ratio for ICICI Lombard averages around 85-86%, which is lower than the industry average of 92-93%. This might raise concerns regarding the reliability of claim approvals.
2.
High Premiums for Unlimited Coverage
While the unlimited sum insured feature offers extensive coverage, it comes at a significantly higher premium. For instance, for individuals aged 36-40, the premium for unlimited coverage is substantially more than that for a ₹10 lakh cover, which may not be cost-effective for everyone.
3.
Complexity Due to Multiple Add-Ons
The plethora of add-ons and customization options, while beneficial, can make the policy complex and potentially overwhelming for some customers to navigate and choose the most suitable options.
4.
Waiting Periods for Pre-Existing Conditions
Despite the ‘Infinite Assurance’ add-on reducing waiting periods for certain conditions, the standard waiting period for other pre-existing diseases remains at three years, which is relatively long compared to some other policies.
5.
Limited Coverage for Non-Hospitalization Expenses
The policy primarily focuses on hospitalization expenses and offers limited coverage for non-hospitalization costs such as home nursing beyond 10 days, diagnostic tests, and medical equipment installed at home.
📝 Conclusion
ICICI Lombard’s Elevate Health Insurance plan is a robust and flexible option, especially for individuals seeking extensive coverage and personalized benefits. Its innovative features like unlimited sum insured, comprehensive add-ons, and global coverage make it a compelling choice. However, potential policyholders should weigh these benefits against the higher premiums, complexity due to multiple add-ons, and longer waiting periods for certain conditions.
For those prioritizing extensive coverage and willing to invest in a comprehensive plan, Elevate stands out as a strong contender in the health insurance market.
